The SEC adopted final rule and form amendments (the “Final Rules”) that modify the registration, offering, and communications processes currently used by registered closed-end management investment companies, including all types of continuously-offered closed-end funds. Read more to learn how the final rules impact your efforts.
The SEC proposed a new rule to codify fair valuation requirements for funds registered under the Investment Company Act of 1940. Rule 2a-5 (“Proposed Rule”) would be the first rule that establishes a comprehensive regulatory framework for fair valuing investments in good faith for which there are no readily available market quotations. Read more…
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Even as the largest actively managed stock mutual funds in the U.S. lag behind the S&P 500, the oldest funds are doing nicely. Funds that survived the 1929 stock market crash, including Central Securities (ticker: CET), Adams Diversified Equity (ADX), and General American Investors (GAM). These closed-end funds might not be bargains, but they’re all up 30%-plus this year.
When activist investors in the rough-and-tumble world of closed-end funds put forward a slate of board nominees, they usually select employees or others already allied with them. But in a proxy battle at a Nuveen fund, the hedge fund Saba Capital has landed a rare catch as one of its nominees: an independent fund director currently serving at an open-end complex.